All RRSPs must be converted into RRIFs, or Registered Retirement Income Funds, by December 31st the year you turn 71. Under these plans you are required to receive a minimum level of retirement income each year, while continuing to defer income tax on the remaining capital and subsequent earnings. Payments from RRIF's are included in your taxable income and are taxed at your regular income tax rates. Withholding taxes apply only to any withdrawals which exceed the required level of plan distributions. RRIF investment options are the same as those listed for RRSPs.